“XBRL - The eXtensible Business Reporting Language ”

US SEC Chairman says XBRL will greatly improve audit quality

8/15/2011 3:39:02 PM   Bron: XBRL.org

The adoption of XBRL will significantly improve the quality of audits and cut errors by companies, US Securities and Exchange Commission Chairman Christopher Cox said.  Delivering a keynote speech at the 14th XBRL International Conference in Philadelphia, Mr Cox said that XBRL could ensure the correct classification of business data - removing human intervention and error and freeing resources for higher-value work.  It would make regulators, analysts and investors more productive.  In wide-ranging remarks, Mr Cox declared that the SEC was committed to ensuring XBRL remained a truly international, open source standard.  The widespread use of XBRL would aid in translating financial data between accounting systems and accelerate the development of a set of truly global accounting standards, he said. 

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